Academy of Marketing Studies Journal (Print ISSN: 1095-6298; Online ISSN: 1528-2678)


An Empirical Study of Impact of Financial Inclusion on Socio Economic Status of Urban Poor: With Special Reference to Delhi Slums

Author(s): Rajender Kumar and Bhoomika Garg

In the literature 'Inclusive Growth' has been defined as equal distribution of resources, where its benefit ensues to all sections of the society. The term inclusive growth can be explained as economic growth with equal opportunities to all including the unprivileged section. With the progress of Indian economy, there is always an attempt to include maximum number of people within the ambit of formal financial system for achieving sustainable development. But the lack of financial awareness and financial literacy among the people is hindering the growth of the economy as vast percentage does not have access to financial system. Financial Inclusion is the process of ensuring access to financial services and timely, adequate credit where needed, to vulnerable groups such as weaker sections and low-income groups, at an affordable cost (Rangarajan Committee, 2008). This access to financial products and services would help in generating income, reduce social economic disparities among individuals, creation of financial assets and would help in providing new work opportunities across all segments of the society which ultimately result into social economic empowerment of the unprivileged section of the society. This paper is an attempt to measure how efficient and enduring socio economic changes the efforts of scheduled commercial banks have been able to produce over its existence in the direction of financial inclusion for the urban poor in India with special reference to Delhi Slums.

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